WorksheetsIncome and Expense
Total questions: 24
Worksheet time: 12mins
Name
Class
Date
1.
What is an Income and Expense Statement?
a)
lists and summarizes income and expense transactions that have taken place over a specific period of time, usually a month or year
b)
Housing payment (rent or mortgage), Utilities, Property taxes, Maintenance, Household furnishings, Home/renter’s insurance
c)
Groceries, meals eaten in a restaurant, snacks bought away from home, kitchen supplies
d)
health insurance, property and liability insurance (for home or automobile), life insurance, and disability insurance.
2.
What is income?
a)
Vehicle loan payment, Fuel, License and registration, Repairs and maintenance, Insurance, Public transportation
b)
any kind of money that you receive.
c)
record in writing, Smartphone, keep receipts, depository institution account statements, money management computer software program
d)
workers compensation, scholarships/grants from government sources
3.
What is gross income?
a)
Federal income and state income tax Social Security Medicare
b)
record in writing, Smartphone, keep receipts, depository institution account statements, money management computer software program
c)
ALL of the money you receive BEFORE taxes or other expenses.
d)
a product that transfers risk from an individual to an insurance company or organization
4.
What is net income?
a)
Federal income and state income tax Social Security Medicare
b)
Housing payment (rent or mortgage), Utilities, Property taxes, Maintenance, Household furnishings, Home/renter’s insurance
c)
Groceries, meals eaten in a restaurant, snacks bought away from home, kitchen supplies
d)
money that remains AFTER taxes and other mandatory expenses.
5.
What are some examples of earned income?
a)
Wages or salary before deductions, commissions/tips/bonuses, tax refunds
b)
money that you spend
c)
any portion of income that is saved or invested for future use
d)
Tuition , Private lessons/Tutoring , Supplies
6.
What are some examples of unearned income?
a)
a product that transfers risk from an individual to an insurance company or organization
b)
Federal income and state income tax Social Security Medicare
c)
Interest earned during time period, money earned from investment during time period, sales of assets, money from savings and investments to help pay unforeseen expenses
d)
Income - expenses = net gain (positive number) or net loss (negative number)
7.
What are some examples of received income from government programs?
a)
a product that transfers risk from an individual to an insurance company or organization
b)
Vehicle loan payment, Fuel, License and registration, Repairs and maintenance, Insurance, Public transportation
c)
record in writing, Smartphone, keep receipts, depository institution account statements, money management computer software program
d)
workers compensation, scholarships/grants from government sources
8.
What are expenses?
a)
Tuition , Private lessons/Tutoring , Supplies
b)
money that you spend
c)
cell phone, internet service, cable/satellite television, laptop
d)
record in writing, Smartphone, keep receipts, depository institution account statements, money management computer software program
9.
What taxes are recorded on the Income and Expense Statement?
a)
a product that transfers risk from an individual to an insurance company or organization
b)
Federal income and state income tax Social Security Medicare
c)
Groceries, meals eaten in a restaurant, snacks bought away from home, kitchen supplies
d)
child care, allowances, care for other dependents
10.
What is savings?
a)
any portion of income that is saved or invested for future use Retirement investments
b)
a product that transfers risk from an individual to an insurance company or organization
c)
Vehicle loan payment, Fuel, License and registration, Repairs and maintenance, Insurance, Public transportation
d)
cell phone, internet service, cable/satellite television, laptop
11.
What are some types of insurance?¿
a)
Vehicle loan payment, Fuel, License and registration, Repairs and maintenance, Insurance, Public transportation
b)
Medical care, dental care medication
c)
health insurance, property and liability insurance (for home or automobile), life insurance, and disability insurance.
d)
Income - expenses = net gain (positive number) or net loss (negative number)
12.
What is insurance?
a)
Groceries, meals eaten in a restaurant, snacks bought away from home, kitchen supplies
b)
a product that transfers risk from an individual to an insurance company or organization
c)
cell phone, internet service, cable/satellite television, laptop
d)
Income - expenses = net gain (positive number) or net loss (negative number)
13.
What are some examples of housing expenses?
a)
Vehicle loan payment, Fuel, License and registration, Repairs and maintenance, Insurance, Public transportation
b)
Medical care, dental care medication
c)
child care, allowances, care for other dependents
d)
Housing payment (rent or mortgage), Utilities, Property taxes, Maintenance, Household furnishings, Home/renter’s insurance
14.
What are some examples of expenses in the transportation category?
a)
Tuition , Private lessons/Tutoring , Supplies
b)
Food , Veterinary costs , Boarding
c)
Vehicle loan payment, Fuel, License and registration, Repairs and maintenance, Insurance, Public transportation
d)
record in writing, Smartphone, keep receipts, depository institution account statements, money management computer software program
15.
What are some examples of expenses in the food category?
a)
Medical care, dental care medication
b)
record in writing, Smartphone, keep receipts, depository institution account statements, money management computer software program
c)
cell phone, internet service, cable/satellite television, laptop
d)
Groceries, meals eaten in a restaurant, snacks bought away from home, kitchen supplies
16.
Educational expenses:
a)
Tuition , Private lessons/Tutoring , Supplies
b)
child care, allowances, care for other dependents
c)
Income - expenses = net gain (positive number) or net loss (negative number)
d)
cell phone, internet service, cable/satellite television, laptop
17.
Medical Costs not Covered by Insurance
a)
record in writing, Smartphone, keep receipts, depository institution account statements, money management computer software program
b)
Housing payment (rent or mortgage), Utilities, Property taxes, Maintenance, Household furnishings, Home/renter’s insurance
c)
Federal income and state income tax Social Security Medicare
d)
Medical care, dental care medication
18.
Communication and computer
a)
cell phone, internet service, cable/satellite television, laptop
b)
record in writing, Smartphone, keep receipts, depository institution account statements, money management computer software program
c)
workers compensation, scholarships/grants from government sources
d)
any portion of income that is saved or invested for future use Retirement investments
19.
Family Member Care
a)
Groceries, meals eaten in a restaurant, snacks bought away from home, kitchen supplies
b)
a product that transfers risk from an individual to an insurance company or organization
c)
child care, allowances, care for other dependents
d)
Federal income and state income tax Social Security Medicare
20.
Credit Costs:
a)
Medical care, dental care medication
b)
credit cards,student loans
c)
any kind of money that you receive.
d)
workers compensation, scholarships/grants from government sources
21.
Entertainment:
a)
Federal income and state income tax Social Security Medicare
b)
any kind of money that you receive.
c)
Food , Veterinary costs , Boarding
d)
movies,music,
22.
Pet Care:
a)
Food , Veterinary costs , Boarding
b)
Vehicle loan payment, Fuel, License and registration, Repairs and maintenance, Insurance, Public transportation
c)
a product that transfers risk from an individual to an insurance company or organization
d)
Federal income and state income tax Social Security Medicare
23.
How is a net gain/loss calculated?
a)
any portion of income that is saved or invested for future use Retirement investments
b)
Income - expenses = net gain (positive number) or net loss (negative number)
c)
a product that transfers risk from an individual to an insurance company or organization
d)
Groceries, meals eaten in a restaurant, snacks bought away from home, kitchen supplies
24.
Explain some different ways that income and expenses may be tracked
a)
record in writing, Smartphone, keep receipts, depository institution account statements, money management computer software program
b)
cell phone, internet service, cable/satellite television, laptop
c)
a product that transfers risk from an individual to an insurance company or organization
d)
Interest earned during time period, money earned from investment during time period, sales of assets, money from savings and investments to help pay unforeseen expenses
100 %
